$43.65M financing secured for Ohio retail centers

NEW YORK, Jan. 21, 2025 –  JLL Capital Markets announced today that it has secured a $30 million and $13.65 million financing for Taylor Square in Reynoldsburg and Tuttle Crossing in Dublin, Ohio, respectively.

JLL represented the borrower, DLC Management Corp, in arranging the five-year, fixed-rate loan through TriState Capital Bank for Taylor Square and the five-year loan through Dollar Bank for Tuttle Crossing.

Taylor Square is a 378,102-square-foot shopping center anchored by the nation’s largest big-box retail chain, located at 2793 Taylor Rd. in Reynoldsburg. Built in 2000 and renovated as recently as 2023, the property sits on 48.3 acres with prime visibility from I-70, which sees 97,000 vehicles per day. The center boasts 99.7% occupancy across its 34 tenants, featuring a diverse mix of national retailers including Marshalls, JoAnn, Dollar Tree and Bath & Body Works.

Tuttle Crossing is a 226,718-square-foot shadow grocery-anchored center located at 5800 Britton Pkwy. in Dublin. Built in 1996 and renovated in 2022, the property sits on 18.66 acres with prime visibility from I-270, which sees 117,360 vehicles per day. The center boasts an impressive 97.8% occupancy across its seven tenants, featuring a diverse mix of prominent retailers including Best Buy, Ashley Furniture, Macy's Furniture Gallery, Cost Plus World Market and Ross Dress For Less.

Both retail centers benefit from their locations in the thriving Columbus MSA, which has seen significant population and economic growth in recent years. The region is home to numerous Fortune 500 companies and boasts a diverse economy driven by sectors such as technology, healthcare and education.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Directors Scott Aiese and Claudia Steeb and Director Alex Staikos.

"These financings highlight the continued strength of well-positioned retail assets in growing markets like Columbus," said Aiese. "Both Taylor Square and Tuttle Crossing feature strong anchor tenants, diverse retail mixes and locations in high-traffic corridors, making them attractive investment opportunities in the current retail landscape."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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DLC Management Corp. is a specialized real estate firm headquartered in Elmsford, New York, with regional offices across the United States, dedicated to improving retail spaces through a comprehensive range of services. The company's team of real estate entrepreneurs focuses on acquisitions, development, redevelopment, leasing, third-party services and property management to enhance stakeholder value.

TriState Capital Bank, founded in 2007, emerged as a solution to address the underserved needs of relationship-based clients in the wake of banking industry consolidation. Combining the capabilities of a large financial institution with the personalized service of a boutique bank, TriState Capital serves middle-market commercial clients with credit and liquidity management needs through regional offices located in Pittsburgh; Philadelphia; Cleveland; Edison, New Jersey; and New York City, as well as high-net-worth individuals with credit and cash management needs nationwide through its national referral network of financial intermediaries. TriState Capital Bank is a Pennsylvania chartered bank. Visit www.tscbank.com to learn more.